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Ukraine's construction industry rebounds after 4 years decline

Xinhua, January 27, 2017 Adjust font size:

Ukraine's construction industry rose by 13.1 percent in 2016 after four consecutive years of decline, official data showed on Thursday.

According to the report published by the State Statistics Service, the production value of Ukraine's construction industry totaled 2.6 billion U.S. dollars last year, with all three key segments showing the growth.

In particular, the commercial construction sector increased by 17.4 percent, house building witnessed a 13-percent growth, while engineering construction output was up 11 percent.

For decades, the construction sector had been one of Ukraine's main economic drivers, supporting the development of related areas, in particular, metallurgy and manufacturing.

The construction industry plunged into recession in 2012 due to the uncertainty on Ukraine's exports markets and was further hit in 2014, when the conflict started in the eastern part of the country.

During the decline of 2012-2015, the output of Ukraine's construction industry shrank by more than three-fold -- from 7.6 billion dollars to 2.3 billion dollars. Endit